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Chicago soybean futures hit a four-year high on Thursday (November 5, 2020), supported by dry weather in some parts of South America and strong prices from China, the world's largest importer, rising for the third consecutive session.
Corn gained more ground, while wheat rose after closing marginally lower in the previous session.
“China is actively buying beans and we are seeing additional demand emerge from Brazil,” said one Singapore-based trader. “The weather is not perfect for Brazil and the crop is likely to get delayed due to the dry weather.”
The most-active soybean contract on the Chicago Board of Trade was up 0.7% at $10.94 a bushel, as of 0306 GMT, after climbing to its highest since July 2016 at $10.95 a bushel earlier in the session.
Corn added 0.6% to $4.07-1/2 a bushel and wheat was up 0.9% at $6.11-1/2 a bushel.
Parts of Brazil’s soybean-growing areas have received rains this week, but other areas need moisture, and a La Nina weather pattern remains a risk for crops across South America.
Traders also have begun looking ahead to the U.S. Department of Agriculture’s (USDA) Nov. 10 supply/demand reports, which some analysts expect to show scaled-back U.S. soybean yields and increased export forecasts.
U.S. corn ending stocks, currently projected by the USDA at more than 2.1 billion bushels, could also decline due to brisk demand, analysts say. Find more...
Source: Online/SZK
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